Devout capitalists, such as Paul Ryan, will naturally see the source of all things good emanating from capital. This view, actually a perversion of market capitalism, is so prevalent in America that the major portion of its population views their government as a competing “cost” in the economy, not the monopoly issuer of the currency that is Constitutionally mandated to create it for the common welfare. Political pandering to their ignorance has so dominated any economic discussion that even media that specializes in economics spreads the falsehood.

I often wonder what the social and political repercussions would be should the population have a collective epiphany regarding their taxes and come to the correct understanding that “all” of their federal taxes, including Social Security and Medicare, were simply destroyed upon entry into the government sector where they encountered the debt that created the money represented and zeroed both out. Or, that the national debt their politicians have been beating them about the head and shoulders with whenever they had the gall to request some benefit from their government that other nations take for granted is nothing more than a record of “all” currency created and not yet used to pay a federal tax obligation.

The realization that “any” misery in this country that can be mitigated with additional money from their elected Congress is a purely political decision and not economics may be too much shock for the people to bear. The politicians may be justified in wanting to ease the population into this realization, that they once had in better times, to prevent a mass revolt, but they had better begin that easing soon or they will not have the luxury of choice. Should an understanding of money and economics come to them while their representatives are still preaching the ills of debt as if the monopoly issuer of the currency is constrained by the same rules of revenue they are the results might not be pretty.